User Account

All Pages

What is the cost of goods manufactured for july

Assignment Help Accounting Basics
Reference no: EM133041683

Question - Bolo Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant:

RM

Raw material inventory 40,000

Work in process inventory 21,000

Finished goods inventory 23,200

During July, the direct labour cost was RM43,500, raw material purchases were RM64,000 and total overhead cost was RM100,000. Bolo Company also incurred direct expenses of RM 20,000. The inventories at the end of July were:

RM

Raw materials inventory 19,800

Work in process inventory 32,500

Finished goods inventory 22,100

For the month of July, 3,500 units of fishing rods was sold for RM150 each. Bolo Company also incurred selling cost of RM80,000 and administration costs of RM 100,000.

Required -

a) What is the cost of the direct materials used and prime costs for July?

b) What is the cost of goods manufactured for July?

c) What is the cost of goods sold for July?

d) Prepare Income statement for July.

Reference no: EM133041683

Questions Cloud

How much will bill need to save for one-year tuition : Roughly how much will Bill need to save for one-year's tuition to account for an annual rate of inflation of 3%
Collective bargaining process within the workplace : How has the Industrial relations perspectives influence the collective bargaining process within the workplace?
Discuss the dilemma of the trailing spouse : Discuss the dilemma of the "trailing spouse" Discuss the nature of the problem of the "Trailing Spouse" in the context of foreign assignments for expatriate man
Long-term employment performance : Appraisal inflation (higher than deserved scores) often occurs. While some see this practice as "compassionate", an good for morale, some question whether it is
What is the cost of goods manufactured for july : For the month of July, 3,500 units of fishing rods was sold for RM150 each. What is the cost of goods manufactured for July
Importance of model figures : Historians recognize the importance of model figures. In the 1930's and 1940's, which African Americans were model figures for African Americans?
Group dynamics-a difficult task force : José has been appointed chair of a steering task force to design the primary product line for a new joint venture between companies from Japan, the United State
Job candidates for ftsa : Based on your previous experience, you expect that 25% of the store's job applicants become job candidates for FTSA(Full-time sale associates)
Airbnb in terms of customer service : Explain the most important issues and opportunities for AirBNB in terms of customer service.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What was the approximate amount stolen during the past year

What was the approximate amount stolen during the past year? What would be your recommendations to the owner?

  What is the carrying value of the net assets

LNET purchased 70% of the 10,000 outstanding shares MNET had on Jan 1, 2019 for $315,000 cash. What is the carrying value of the net assets

  Determine the appropriate cash flow statement treatment

Determine the appropriate cash flow statement treatment - classification (e.g., operating, investing, financing) and timing, if applicable, - for the above transactions.

  Determine current balance

The company debited prepaid rent and credited cash for 12,000. December 31 year end statement must be prepared. Determine current balance

  The marketing manager would like to cut the selling price

data concerning homme corporations single product appear below

  What would be the gross profit percentage

If gross profit on saleson cost44.9%23.7%41.1%76.3% is 31%, what would be the gross profit percentage

  What is expected return on equity under each current asset

In this problem, we assume that expected sales are independent of the current assets investment policy. Is this a valid assumption? Why or why not?

  Prepare the journal entry to record the acquisition

An appraisal showed that the fair market value of inventory was $300,000 and that the fair market value of the plant assets was $1,250,000. The fair market value of the receivables is equal to book value. The agreed purchase price was $2,200,000 m..

  What correcting journal entry will Framber make

The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. What correcting journal entry Framber make

  At the beginning of the year chemical control corporation

at the beginning of the year chemical control corporation bought three used machines from radial compression

  The differences between accounting cycle and operating cycle

What are the differences between accounting cycle and operating cycle, why are they important to accounting?

  What amount should it report as the cumulative effect

If Kingbird's tax rate is 27%, what amount should it report as the cumulative effect changing the estimated bad rate

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd